Wells Fargo Personal Line of Credit: If you are in need of urgent cash to pay unexpected bills than personal line of credit is the best option for you. Personal line of credit loans are immediate loans. You are given required cash as soon as you need it. West Fargo offers personal line of credit loans on easy bases.
West Fargo is an American financial organization that offers easy and affordable programs for its users. Wells Fargo is a well-known banking company in the entire country. Wells Fargo’s personal line of credit has flexible payment method and comparatively lower interest rate.
What are Personal Line of Credit Loans?
Personal line of credit loans are immediate loans. They provide you money at same time you require them. There is a limited amount assigned to you for the month. You borrow the money when you need it and it is provided without delay.
You have to pay the borrowed amount back on the due date of next month.
Wells Fargo Personal Line of Credit
Wells Fargo personal line of credit offers from $3000 to $100000 per month. It is an unsecured loan so it depends heavily on your credit history. It doesn’t require any collateral as well.
To apply for wells Fargo personal credit line you need to have a good credit history. Lenders need to know that the money they lend can be returned by the borrower.
The better your credit history the more flexible deal you get. People with good credit history are more likely to borrow lesser money than people with bad credit.
Wells Fargo offers one of the cheapest interest rates on personal line of credit. The interest rate is within 0.5% to 1% of the amount you borrow. The annual fee is only $25. The amount should be returned including the interest rate on the due date of next month.
The best part is that you only return the amount you borrowed. Not the entire month limit.
Advantages of Personal Line of Credit
Personal line of credit is quick. Your application gets approved within 2 hours. You get access to money after 1 or 2 working days after your application is approved. You don’t have to put any collateral as it is an unsecured loan.
The annual fee id low and you have immediate access to your funds. You don’t have to pay any extra money other than interest plus annual fee.
Personal Loan vs Personal Line of Credit
Sometimes personal line of credit loans are confused with personal loans. But they are entirely different personal loans.
In personal loan you borrow your required money at once and have to pay it back with comparatively higher interest. The payment duration is usually few months to few years.
Whereas personal line of credit assigns you a particular amount. You can borrow just the amount you need and return it the next month unlike personal loans where you borrow a large lump of money.